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Running head: Accounting 1
Accounting 8
Accounting
Students Name
Institutional Affiliation
Accounting
The article is about the impact of the Republican tax reforms on the accounting profession and procedures. Presidents Donald Trump administration has seen major tax reforms being implemented on various business activities. The tax cuts have a significant impact on accounting procedures used by most firms. This is because major restructuring needed to be done on the accounts to prepare good reports. As for the accountants, a bigger challenge is posed to them regarding how best to adjust for tax assets and deferred liabilities. The new law implies that much of the historical information needs to be revised to ensure that the accounting equation is at equilibrium at the end of the financial year.
Reference
Accounting Degree Review, (2020). The year of the Accountant: What New Tax Laws Mean for Accounting Majors. Accessed from Accounting Degree review. Retrieved from: https://www.accounting-degree.org/accountant-trump-tax-laws/
Reply
Thank you for your post regarding the article on AI in accounting. I agree with you as well as the article that AI technology has made accounting much efficient in terms of its capability in detecting and handling errors in financial statements. However, AI has limited most of the functions of accountants, similar to that of a data entry clerk.
Hey, can you answer this person below instead plz?
Two years ago, I selected NIKE Inc. for a TXMD research project. At the time the corporation decided to support Colin Kaepernick, resulting in the viral ad campaign. This piqued my interest for various reason including fashion and personal. I liked that NIKE Inc. made a bold move, that a lot of other brands at the time was not willing to do. NIKE had backlash that was anticipated to come with collaborating with Kaepernick. They also had a lot of support that resulted in consumers purchasing their products. Since then I have been interested with what is happening with the corporation during Covid-19.
Today, I came across an article from March NIKE, Inc. Reports Fiscal 2020 Third Quarter Results. I have attached the link below, feel free to check it out.https://www.businesswire.com/news/home/20200324005736/en/NIKE-Reports-Fiscal-2020-Quarter-Results
Nike outsources manufactures outside the United States, and the article reported that due to COVID-19 manufacturing came to a halt for a brief period. China is also a huge consumer in the fashion world. This resulted in NIKE Inc. gross margins being down by 44.3% at the time. Their selling and admin expense rose to 3.3 billion. Other income expenses were 297 billion and net income decreased to 847 million. As to date, it appears that they have gained some ground resulting in an increase within the corporation.
